Charity registration number: 1008081
Kingswood Equestrian Trust
Annual Report and Financial Statements for the Year Ended 31 March 2023
Kingswood Equestrian Trust
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 |
| Statement of Trustees' Responsibilities | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 11 |
Kingswood Equestrian Trust
Reference and Administrative Details
Trustees Robert Lickley Mrs Mary Lickley Gemma Griffiths Charity Registration Number 1008081 Principal Office Kingswood Lodge County Lane Albrighton Wolverhampton WV7 3AH Independent Examiner Bissell & Brown Birmingham Ltd Chartered Accountants 12 Portman Rd Kings Heath Birmingham B13 0SL
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Kingswood Equestrian Trust
Trustees' Report
Objectives and activities
Objects and aims
Promotion of equestrian sport for the purpose of sport and physical recreation. Promotion of equestrian training to disadvantaged, minority and youth groups. Equestrain education through demonstrations, clinics or training seminars. Provision of sanctuary facilities and care for retired equines.
Public benefit
In the exercise of their powers as charity trustees, the trustees have had due regard to the published guidance from the charity commission on the operation of the public benefit requirement; and the aims of the charity are carried out for public benefit.
31.01.24
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Robert Lickley Trustee
Structure, governance and management
Nature of governing document
The charity is constituted by Trust deed dated 16th January 1992.
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Kingswood Equestrian Trust
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
31.01.24
Approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Robert Lickley Trustee
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Kingswood Equestrian Trust
Independent Examiner's Report to the trustees of Kingswood Equestrian Trust
I report to the trustees on my examination of the accounts of Kingswood Equestrian Trust for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of Kingswood Equestrian Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Kingswood Equestrian Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Kingswood Equestrian Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... B J Matthews FCA Chartered Accountants Bissell & Brown Birmingham Ltd
12 Portman Rd Kings Heath Birmingham B13 0SL
Date:.............................
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Kingswood Equestrian Trust
Statement of Financial Activities for the Year Ended 31 March 2023
| Note Income and Endowments from: Donations and legacies Charitable activities Other income Total Income Expenditure on: Charitable activities Total Expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted £ 42,000 35,416 - 77,416 (78,923) (78,923) (1,507) 2,362 855 |
Total 2023 £ 42,000 35,416 - 77,416 (78,923) (78,923) (1,507) 2,362 855 |
Total 2022 £ 42,000 33,886 18,697 |
|---|---|---|---|
| 94,583 | |||
| (98,430) | |||
| (98,430) | |||
| (3,847) 6,209 |
|||
| 2,362 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 7 to 11 form an integral part of these financial statements. Page 5
Kingswood Equestrian Trust
(Registration number: 1008081) Balance Sheet as at 31 March 2023
| Note Current assets Stocks 9 Debtors 10 Cash at bank and in hand 11 Creditors: Amounts falling due within one year 12 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 13 |
2023 £ 1,383 428 2,646 4,457 (3,602) 855 855 855 |
2022 £ 1,383 953 5,526 |
|---|---|---|
| 7,862 (5,500) |
||
| 2,362 | ||
| 2,362 | ||
| 2,362 |
The financial statements on pages 5 to 11 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Robert Lickley Trustee
The notes on pages 7 to 11 form an integral part of these financial statements. Page 6
Kingswood Equestrian Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Kingswood Equestrian Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
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Kingswood Equestrian Trust
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
2 Income from donations and legacies
| Donations and legacies; Lickley Group donation 3 Income from charitable activities Income from Show Jumping Income from catering Hire Income 4 Other income Staffordshire CC 5 Expenditure on charitable activities Maintenance & feed costs Fuel and motor vehicle exps Show-Jumping costs Veterinary costs Dressage Show fees & prizes Catering supplies Wages & NI Sub-contract Rates & water Light & heat Insurance Telephone Other |
Unrestricted funds General £ 42,000 42,000 Unrestricted funds General £ 26,742 4,804 3,870 35,416 Unrestricted funds General £ 14,081 347 1,533 17 1,262 9,625 7,013 26,340 465 1,823 11,402 4,266 - 224 |
Total 2023 £ 42,000 42,000 Total 2023 £ 26,742 4,804 3,870 35,416 Total 2023 £ - Total 2023 £ 14,081 347 1,533 17 1,262 9,625 7,013 26,340 465 1,823 11,402 4,266 - 224 |
Total 2022 £ 42,000 |
|---|---|---|---|
| 42,000 | |||
| Total 2022 £ 31,496 826 1,565 |
|||
| 33,887 | |||
| Total 2022 £ 18,697 |
|||
| Total 2022 £ 20,334 1,534 6,819 617 516 3,965 2,629 35,719 1,894 1,019 15,841 5,732 67 375 |
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Kingswood Equestrian Trust
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
| Bank & merchant costs Professional costs |
Unrestricted funds General £ 195 330 78,923 |
Total 2023 £ 195 330 78,923 |
Total 2022 £ 188 1,181 |
|---|---|---|---|
| 98,430 |
Total expenditure £
6 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Gemma Griffiths
Gemma Griffiths received remuneration of £26,340 (2022: £23,932) during the year.
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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Kingswood Equestrian Trust
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
8 Tangible fixed assets
| Cost At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 9 Stock Stocks 10 Debtors Trade debtors 11 Cash and cash equivalents Cash on hand Cash at bank 12 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Other creditors |
Furniture and equipment £ 1,190 1,190 1,190 1,190 - - 2023 £ 1,383 2023 £ 428 2023 £ 257 2,389 2,646 2023 £ 3,243 359 - 3,602 |
Furniture and equipment £ 1,190 1,190 1,190 1,190 - - 2023 £ 1,383 2023 £ 428 2023 £ 257 2,389 2,646 2023 £ 3,243 359 - 3,602 |
Total £ 1,190 1,190 1,190 1,190 - - 2022 £ 1,383 |
|
|---|---|---|---|---|
| 1,190 | ||||
| 1,190 | ||||
| 1,190 | ||||
| - | ||||
| - | ||||
| 2023 £ 1,383 2023 £ 428 2023 £ 257 2,389 2,646 2023 £ 3,243 359 - 3,602 |
||||
| 2022 £ 953 |
||||
| 2022 £ 257 5,269 |
||||
| 5,526 | ||||
| 2022 £ 2,511 431 2,558 |
||||
| 5,500 |
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Kingswood Equestrian Trust
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
| 13 Funds Unrestricted funds General General Funds |
Balance at 1 April 2022 £ 2,362 |
Incoming resources £ 77,416 |
Resources expended £ (78,923) |
Balance at 31 March 2023 £ 855 |
|---|---|---|---|---|
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